Oil prices fall after US waives Iran sanctions and peace talks in Switzerland progress – business live

Oil prices dropped following the US decision to temporarily waive sanctions on Iran for 60 days, coinciding with positive developments in peace talks in Switzerland aimed at ensuring safe passage through the Strait of Hormuz. This move has eased concerns over potential disruptions in oil supply, leading to lower prices. Meanwhile, the UK's National Energy System Operator has reassured the public that there is no imminent risk of blackouts this winter, despite lower European gas storage levels compared to last year. These developments underscore the complex interplay between geopolitical stability and global energy markets.